Franklin Resources Inc. Sells 758,185 Shares of Shopify Inc. (NYSE:SHOP)

Franklin Resources Inc. lowered its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 11,092,913 shares of the software maker’s stock after selling 758,185 shares during the quarter. Franklin Resources Inc. owned 0.86% of Shopify worth $1,179,310,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SHOP. Jennison Associates LLC bought a new position in shares of Shopify in the 4th quarter worth about $132,323,000. Watts Gwilliam & Co. LLC raised its position in shares of Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky raised its position in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares during the last quarter. Wahed Invest LLC increased its stake in Shopify by 18.4% in the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after acquiring an additional 8,960 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Shopify during the third quarter worth approximately $33,676,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the topic of a number of research reports. Wells Fargo & Company boosted their price target on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. ATB Capital lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Citigroup lifted their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. UBS Group lifted their price target on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $120.00 price objective on shares of Shopify in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Price Performance

SHOP opened at $96.51 on Monday. The company has a fifty day moving average price of $110.21 and a 200-day moving average price of $100.98. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The firm has a market capitalization of $124.96 billion, a P/E ratio of 62.27, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.